Get Form 3732 - Fannie Mae

This collateral can take many different forms, but the most common type is real estate. Other security instruments include things like vehicles, jewelry, art, and even patents or copyrights. Basically, anything of value that can be used as collateral can be considered a security instrument.

The Fannie Mae HomeStyle Loan functions a bit differently than a regular conventional loan. The money is dispersed to pay for the home purchase at closing, but in order to use the funds for renovation, an approved contractor must submit plans to the bank for a “draw” to get paid.

Type of Security Instrument 1 - Debt securities. 'Debt' includes instruments that require the payment of principal or interest or both at some point(s) in the future. ... 2 - Equity and investment fund shares.

Security instruments for regularly amortizing mortgages include the Fannie Mae/Freddie Mac Uniform Mortgages, Mortgage Deeds, Deeds of Trust, or Security Deeds for each of the jurisdictions from which we purchase conventional mortgages.

Mortgage rates on second homes are similar to primary owner occupant homes. However, mortgage rates on investment homes are substantially higher than on primary and second homes. Second homes only require a 10% down payment.

This document may be called the Security Instrument, Deed of Trust, or Mortgage. When you sign this document, you are giving the lender the right to take your property by foreclosure if you fail to pay your mortgage ing to the terms you've agreed to.

FANNIE MAE. HomeStyle® Renovation Mortgage. Finances purchase and renovation in a single mortgage.

The foreclosure process is one of the biggest differences between a security deed and a mortgage. It is typically much faster under a security deed than a mortgage. Under a security deed, the lender is automatically able to foreclose or sell the property when the borrower defaults.